Over the last 5 or six years …Does Papaya Global Payroll Service Prepare W2… functions on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and handling them becomes more and more intricate International companies are wanting to find Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint lots of companies preserve different bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain different bank accounts sometimes in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they include more intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the settlement landscape is becoming significantly detailed. Businesses are continually introducing new benefits and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s biggest cost, must be processed correctly and on time. Even small hold-ups can negatively affect employees’ well-being and have significant consequences. For that reason, it’s vital to focus on accurate and timely payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other crucial matters are done properly. Using the very first International Payments first payroll payment service is a great initial step towards offering an extensive payroll solution for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account required for international payroll are key consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we know how how important a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and sort of try to return to everybody so moving on look why do business select to main separate bank accounts there are Does Papaya Global Payroll Service Prepare W2 businesses out there doing exactly this for specific countries and I’ve operated in a service or many organizations doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering but ultimately people are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a substantial amount of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is huge however I believe the truthful answer is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Service Prepare W2